The Malta Financial Services Authority (MFSA) has published a corporate governance manual for directors of investment companies and collective investment schemes.
The MFSA says in the manual’s introduction it “considers the director role to be vital to the proper operation of an investment fund". It adds that the manual is intended to provide “general guidance to a director on how to implement a good corporate governance practice for an investment fund including some thoughts on typical issues that affect fund directors”.
The manual covers directors’ roles, appointments, board size, board meetings, reports from the investment manager, administrator, custodian and auditor as well as conflicts of interest, code of conduct, shareholder communications, anti-money laundering, indemnity and insurance, advisors to the board, crisis management, director resignation, fund termination and general issues faced by directors.
Malta’s corporate governance manual is by far the most comprehensive document of its kind and provides directors with a practical "how to" guide that other jurisdictions might well consider emulating.